OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2020-12-31-accounts

ABDO COLLEGE ANNUAL REPORT 2020 abdo. COLLEGE

CONTENTS

Highlights at ABDO College 2–3 Trustees’ annual report (incorporating the director’s report) 4 –6 Independent auditor’s report to the members 7–9 Statement of financial activities (including income and expenditure account) 10 Statement of financial position 11 Statement of cash flows 12 Notes to the financial statements 13–20

HIGHLIGHTS AT ABDO COLLEGE

The team at ABDO College is passionate about personal development through recognised eyecare qualifications as well as helping practices prepare for growth through development of their team members.

Read on to see highlights from 2020

COVID CHANGES

2020 was a very difficult year for everyone, be they in practice or education, or both. The rapid changes in government guidance on travel and how education could be delivered made for a challenging set of conditions for ABDO College. But boy, how the team stepped up and absolutely delivered for our students.

Going from face to face block teaching to an online webinar timetable within 48 hours, running online revision sessions, arranging block handouts to be delivered to all students – all alongside the ever changing environment that students were facing.

The efforts of the College staff ensured that all students continued to receive their full teaching syllabus right the way through the year, and led to pass rates in

Ophthalmic Dispensing examinations being as good as, or higher than, normal since the ABDO syllabus change in 2015.

Here’s what some of the first cohort of online students said:

‘I was really disappointed that we couldn’t attend college but I think you’ve all done a fantastic job at short notice’

‘Just wanted to say thanks for all you and your colleagues hard work. We were all slightly panicked on Friday when we found out we weren’t allowed to come but it has been great.’

‘I just wanted to say thank you to yourself and all the colleagues at ABDO college for everything you’ve put together for us! I really appreciate all the trouble you have gone to, to get this organised and I’m sure all of my colleagues are thinking the same!’

Payment plans

ABDO College introduced payment plans for course fees to make education and training even more accessible.

ABDO BUSINESS SUPPORT HUB

ABDO College was showcased on the ABDO Business Support Hub team and personal development pages.

SOUTH AFRICAN STUDENTS

ABDO College is supporting the development of dispensing across the world as it welcomes 10 students from South Africa onto the ophthalmic dispensing course.

RE:VIEW

During 2020 ABDO College published one issue of its promotional newsletter, Re:View before suspending publication to conserve funds during the pandemic.

SOCIAL MEDIA

ABDO College continues to interact with past, present and potential students via Facebook, LinkedIn, Instagram and Twitter.

TRADE SHOWS

ABDO College was represented at 100% Optical at ExCel London. Further events were cancelled due to the Covid pandemic.

VIDEO TOUR

A video tour of the college was used to promote courses and qualifications.

COURSES HIGHLIGHTS

The optical assistant course proved popular again, and 18 per cent of participants have gone on to take the FBDO course in Ophthalmic Dispensing. The Senior Optical Assistant course has been revised and updated.

The low vision course has been updated and extended with an extra online block.

JO UNDERWOOD ANNOUNCED HER INTENTION TO STEP DOWN AS ABDO COLLEGE PRINCIPAL

Jo Underwood MSc BSc(Hons) FBDO (Hons) CL (Hons) SLD FEAOO SMC(Tech) PGCE, Principal of ABDO College, announced her retirement. Jo was in charge of the college since its inception in 2000. Sir Anthony Garrett CBE HonFBDO says, “Twenty years ago ABDO College was an aspiration, today it is recognised as a highly successful centre of excellence. Jo has led from the front and delivered a project beyond what seemed possible all those years ago. What an achievement.” Dr Robert Cubbidge will take over as principal of ABDO College from July 2021.

TRUSTEES ANNUAL REPORT (incorporating the director’s report) YEAR ENDED 31 DECEMBER 2020

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Company is constituted by Memorandum and Articles of Association as a company limited by guarantee, not having share capital and the company number is 04086997. The company obtained charitable status on the 3 July 2001, and registered with the Charity Commission and the Charity's registered number is 1087337.

ABDO College is based and registered at Godmersham Park, Godmersham, Canterbury, CT4 7DT.

Appointment of trustees

The Association of British Dispensing Opticians is a member of ABDO College, whose trustees include up to ten trustees appointed by their board of directors.

The board of directors of the Association has the right to appoint up to six trustees who serve for four years after which they retire but are eligible for re-appointment for one further term of four years.

Trustee induction

New trustees are made aware of their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association and all relevant undertakings with regard to the management of the charity's affairs. On appointment, new trustees also meet with senior academic staff and with executive management to obtain information and understanding of the College’s operations.

Organisational structure

The board of trustees, which meets quarterly, administers the Charity. The general secretary has been appointed by the trustees to manage the day to day operations of the college within the terms of delegation approved by the trustees.

Risk management

The trustees actively review the major risks that the charity faces during regular meetings. The financial support undertakings by the Association of British Dispensing Opticians are considered sufficient to meet all known commitments and normal financial risks until the charity becomes fully self-supporting.

The trustees have also examined the other operational and business risks faced by the charity and consider they have established adequate systems and controls to mitigate all significant risks.

Investment powers and restrictions

The board of trustees have the power to employ a professional investment manager, who is entitled to carry out an investment business under the provisions of the Financial Services Act 1986 (or any statutory modification or re-enactment thereof), to exercise the power of investment subject to the policy guidelines drawn up by the board of trustees and within the powers of investment allowed by law.

Public benefit

The board of trustees have considered the Charity Commission’s general guidance on public benefit and specifically its additional public benefit guidance on advancing education together with fee-charging. This has been taken into account when structuring the Charity's objectives and activities.

OBJECTIVES AND ACTIVITIES

The objectives of the Charity are to advance and promote education and research in the science and practice of optics for the public benefit and to disseminate the useful results of such research.

The primary objectives and activities for the year were directed to:

ACHIEVEMENTS AND PERFORMANCE

The team at ABDO College is passionate about personal development through recognised eyewear qualifications as well as helping practices prepare for growth through development of their team members. To this end, courses and qualifications are promoted to ensure good coverage of and great engagement with the college.

The ABDO Business Support Hub incorporates areas around team and personal development and showcased the recognised qualifications offered by ABDO College with a page dedicated to the organisation.

Everything we do will continue to promote the profession and the college with passion.

4

STUDENT ENROLMENT FIGURES

STUDENT ENROLMENT FIGURES
The total intake of students on dispensing courses
in September 2020 was 482.
Enrolments for all of the College core courses (ie those
listed below) were:
1st Year Diploma in Ophthalmic Dispensing 32
1st Year Foundation Degree in Ophthalmic Dispensing 16
2nd Year Diploma in Ophthalmic Dispensing 150
2nd Year Foundation Degree in Ophthalmic Dispensing 16
3rd Year Diploma in Ophthalmic Dispensing 149
3rd Year BSc (Hons) in Ophthalmic Dispensing 20
Contact Lens Certificate Course 99

EXAMINATION PASS RATES

Examination pass rates (the percentage of students achieving a first attempt pass) during 2020 were as follows. NB These results are based on a smaller number of students than usual as there was a high rate of students who did not sit exams during the Covid-19 pandemic.

DISPENSING

DISPENSING
PQE Theory 93.02%
PQE Practical Section A 92.45% Section C1 97.17%
Section B1 98.11% Section C2 83.96%
Section B2 80.19% Section D 99.06%

CONTACT LENS

CONTACT LENS
Anatomy, Physiology & Pathology 63.89%
National pass rate 64.58%
Visual Optics 37.84%
National pass rate 43.55%
Contact lens practice 44.12%
National pass rates 41.51%
BSC(HONS) RESULTS 2020
First 4
2:1 13
2:2 2
BSC(HONS) VISION SCIENCE 2020
First 1
2:1 1
2:2 1
FD RESULTS 2020
Merit 5
Pass 15

FQE Theory

FQE Theory FQE Theory
Advanced Ophthalmic Lenses 68.42%
Abnormal Ocular Conditions/Standards of Practice 86.36%
Anatomy 77.68%
Refractive management 87.36%
Low vision 95.40%
Contact lenses 98.10%
FQE Practical Section A1 100% Section B3 97.62%
Section A2 97.62% Section C 100%
Section A3 95.24% Section D1/2 97.62%
Section B1 97.62% Section D3/4 97.62%
Section B2 97.62% Section D5/6 100%
Section E 71.43%

5

FINANCIAL REVIEW

Financial performance

During the year under review the College made a net income of £18,601, after charging depreciation and amortisation of £61,130. The investments recorded an unrealised gain of £5,018.

Reserves policy

The board of trustees have established a policy to maintain the reserves at a level which will support the Charity with its ongoing activities.

TRUSTEES’ RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

SMALL COMPANY PROVISIONS

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees’ annual report was approved on 21st July 2021 and signed on behalf of the board of trustees by:

Clive Marchant FBDO TRUSTEE

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABDO COLLEGE OF EDUCATION YEAR ENDED 31 DECEMBER 2020

OPINION

We have audited the financial statements of The ABDO College of Education (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED

BY THE COMPANIES ACT 2006

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

In our opinion, based on the work undertaken in the course of the audit:

7

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered; the nature of the industry, control environment and business performance with particular reference to the Company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets.

Throughout the audit testing we are considering the incentives that may exist within the organisation for fraud. Key areas include timing of recognising income around the year end, posting of unusual journals and manipulating the Company’s performance measures to meet targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

8

We ensure we have an understanding of the relevant laws and regulations and remain alert to possible non-compliance throughout the audit. Despite proper planning and audit work in accordance with auditing standards there are inherent limitations and unavoidable risk that we may not detect some irregularities and material misstatements in the financial statements. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

Roderick Archibald (Senior Statutory Auditor) For and on behalf of BURGESS HODGSON LLP Chartered cccountant & statutory auditor Camburgh House, 27 New Dover Road Canterbury, Kent CT1 3DN

26th July 2021

9

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 DECEMBER 2020

2020 2020 2020 2019 Unrestricted Restricted Total Total funds funds funds funds Note £ £ £ £ INCOME AND ENDOWMENTS Donations and legacies 5 – – – 3,000 Charitable activities 6 1,827,728 – 1,827,728 2,455,395 Investment income 7 6,070 – 6,070 8,675 Other income 8 246,380 – 246,380 – TOTAL INCOME 2,080,178 – 2,080,178 2,467,070 EXPENDITURE Expenditure on charitable activities 9/10 2,066,595 – 2,066,595 2,425,595 TOTAL EXPENDITURE 2,066,595 – 2,066,595 2,425,595 Net gains on investments 12 5,018 – 5,018 40,460 NET INCOME AND NET MOVEMENT IN FUNDS 18,601 – 18,601 81,935 RECONCILIATION OF FUNDS Total funds brought forward 1,349,364 9,659 1,359,023 1,277,088 TOTAL FUNDS CARRIED FORWARD 1,367,965 9,659 1,377,624 1,359,023

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 13 to 20 form part of these financial statements.

10

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2020

2020 2020 2019 Note £ £ £ FIXED ASSETS Intangible assets 17 145,558 130,662 Tangible fixed assets 18 127,252 160,816 Investments 19 239,855 236,911 512,665 528,389 CURRENT ASSETS Stocks 20 30,265 33,916 Debtors 21 527,139 716,200 Cash at bank and in hand 965,311 510,718 1,522,715 1,260,834 CREDITORS: amounts falling due within one year 22 407,756 430,200 NET CURRENT ASSETS 1,114,959 830,634 TOTAL ASSETS LESS CURRENT LIABILITIES 1,627,624 1,359,023 CREDITORS: amounts falling due after more than one year 23 250,000 – NET ASSETS 1,377,624 1,359,023 FUNDS OF THE CHARITY Restricted funds 9,659 9,659 Unrestricted funds 1,367,965 1,349,364 TOTAL CHARITY FUNDS 25 1,377,624 1,359,023

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

These financial statements were approved by the board of trustees and authorised for issue on 21st July 2021, and are signed on behalf of the board of trustees by:

Clive Marchant FBDO

TRUSTEE

The notes on pages 13 to 20 form part of these financial statements.

11

STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2020

2020 2019 Note £ £ CASH FLOWS FROM OPERATING ACTIVITIES Net income 18,601 81,935 Adjustments for: Depreciation of tangible fixed assets 37,072 42,521 Amortisation of intangible assets 24,058 24,584 Net gains on investments (5,018) (40,460) Dividends, interest and rents from investments (5,185) (7,337) Other interest receivable and similar income (885) (1,338) Accrued income (21,440) (10,265) Changes in: Stocks 3,651 4,784 Trade and other debtors 189,061 (571,914) Trade and other creditors (1,004) 18,193 Cash generated from operations 238,911 (459,297) Interest received 885 1,338 Net cash from/(used in) operating activities 239,796 (457,959) CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rents from investments 5,185 7,337 Purchase of tangible assets (3,508) (53,531) Purchase of intangible assets (38,954) (74,844) Purchases of other investments (45,325) (57,236) Proceeds from sale of other investments 47,399 59,346 Net cash used in investing activities (35,203) (118,928) CASH FLOWS FROM FINANCING ACTIVITIES – Proceeds from borrowings 250,000 – Net cash from financing activities 250,000 NET INCREASE/(DECREASE IN CASH AND CASH EQUIVALENTS 454,593 (576,887) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 510,718 1,087,605 CASH AND CASH EQUIVALENTS AT END OF YEAR 965,311 510,718

The notes on pages 13 to 20 form part of these financial statements.

12

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2020

1. GENERAL INFORMATION

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Godmersham Park Mansion, Godmersham, Kent, CT4 7DT.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. ACCOUNTING POLICIES

Government grant income

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The ABDO College, a registered charity, was originally established under the auspices of The Association of British Dispensing Opticians. As part of its support for the charity the Association entered into a deed of grant

on the 14th February 2016 to assist the ABDO College in meeting its debts as they fall due and in the furtherance of its charitable objectives for a period of five years.

COVID-19 Impact on ABDO College

The pandemic has created many challenges for the Association. Within a short period, many of the income sources wholly dried up. A substantial number of the optical practices are still closed and considering redundancy for many staff. Most of our CET sponsors and journal advertises are experiencing a sharp drop in income. At this stage, we do not know when the regular operation will recommence; until the two meter distance guidance in place, routine activities are a remote possibility.

The directors are closely monitoring the situation and took the following actions to reduce the cost;

The directors are confident the above measures will help to preserve the cash reserves and keep the Association in an operational state to resume the activities upon relaxation of current lockdown rules.

Judgements and key sources of

estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

13

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Legacy income is recognised when receipt is probable and entitlement is established.

Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Course fees are recognised in full upon commencement of the course with an accrual made to represent the direct costs incurred after the year-end in connection with the provision of the course. Textbook sales are accounted for at the time of sale.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Resources expended are recognised upon commencement of the course on an accrual basis to match the expenses connected with running the courses with the fee income received. Costs deemed to be directly attributable to the running of the college courses are allocated to direct charitable expenses including charges from The Association of British Dispensing Opticians and the irrecoverable element of VAT.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Website – 10% straight line Copyrights – 10% straight line Software – 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

14

Tangible assets

All fixed assets are initially recorded at cost. Depreciation is calculated to write off the cost of an asset, less its estimated residual value, over the useful economic life of the asset.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long Leasehold Property – 7% straight line Fixtures and Fittings – 20% straight line Computer Equipment – 33% straight line Lab Equipment – 15% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or parable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

The charity contributes to the personal pension plans of certain employees, subject to a maximum of 10% of the employees annual salary. Such contributions are held independently of the charities finances. The contributions made are charged to the profit and loss account as they arise.

4. LIMITED BY GUARANTEE

The charity is a company limited by guarantee and has no share capital. Each member of the College will undertake to contribute such amount as may be required (not exceeding £20) to the College’s assets if it should be wound up, either whilst a member or within one year of his or her membership ceasing.

15

5. DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Donations Donations – Unrestricted – – 3,000 3,000 6. CHARITABLE ACTIVITIES Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Course fees and accommodation 1,742,859 1,742,859 2,334,075 2,334,075 Text books and rules 79,719 79,719 115,620 115,620 Rental income 5,150 5,150 5,700 5,700 1,827,728 1,827,728 2,455,395 2,455,395 7. INVESTMENT INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Dividends 5,185 5,185 7,337 7,337 Bank interest receivable 885 885 1,338 1,338 6,070 6,070 8,675 8,675 8. OTHER INCOME Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Government grant income 246,380 246,380 – – 9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Charitable activity 1,560,688 1,560,688 1,830,546 1,830,546 Support costs 505,907 505,907 595,049 595,049 2,066,595 2,066,595 2,425,595 2,425,595 10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities Support Total Funds Total Funds undertaken directly costs 2020 2019 £ £ £ £ Charitable activity 1,560,688 380,660 1,941,348 2,281,470 Governance costs – 125,247 125,247 144,125 1,560,688 505,907 2,066,595 2,425,595

16

11. ANALYSIS OF SUPPORT COSTS Analysis of Total Total support costs 2020 2019 £ £ £ Finance costs 12,002 12,002 10,349 Governance costs 113,245 113,245 133,776 Irrecoverable VAT 50,660 50,660 80,924 ABDO charges – payable 330,000 330,000 370,000 505,907 505,907 595,049 12. NET GAINS ON INVESTMENTS Unrestricted Total Funds Unrestricted Total Funds Funds 2020 Funds 2019 £ £ £ £ Gain/(Loss) on investment assets 5,018 5,018 40,460 40,460 13. NET INCOME Net income is stated after charging/(crediting): 2020 2019 £ £ Amortisation of intangible assets 24,058 24,584 Depreciation of tangible fixed assets 37,072 42,521 14. AUDITORS REMUNERATION 2020 2019 £ £ Fees payable for the audit of the financial statements 10,995 10,995 15. STAFF COSTS

The total staff costs and employee benefits for the reporting period are analysed as follows: 2020 2019 £ £ Wages and salaries 846,940 915,198 Social security costs 53,306 56,751 Employer contributions to pension plans 80,287 65,158 980,533 1,037,107 The average head count of employees during the year was 32 (2018: 32). The average number of full-time equivalent employees during the year is analysed as follows: 2020 2019 Number of staff 2 2 Number of direct charitable staff 30 30 32 32 The number of employees whose remuneration for the year fell within the following bands, were: 2020 2019 £60,000 to £69,999 1 1

16. TRUSTEE REMUNERATION AND EXPENSES

No trustee received any remuneration during the year. Meeting expenses totalling £0 (2019: £2,328) were reimbursed to ten of the trustees during the year.

17

17. INTANGIBLE ASSETS Website Copyrights Software Total £ £ £ £ COST At 1 January 2020 107,038 25,000 130,853 262,891 Additions 4,291 – 34,663 38,954 At 31 December 2020 111,329 25,000 165,516 301,845 AMORTISATION At 1 January 2020 94,462 25,000 12,767 132,229 Charge for the year 7,506 – 16,552 24,058 At 31 December 2020 101,968 25,000 29,319 156,287 CARRYING AMOUNT At 31 December 2020 9,361 – 136,197 145,558 At 31 December 2019 12,576 – 118,086 130,662 18. TANGIBLE FIXED ASSETS Long leasehold Fixtures & Computer Lab property fittings Equipment equipment Total £ £ £ £ £ COST At 1 January 2020 198,991 112,211 132,715 350,421 794,338 Additions – 879 2,629 – 3,508 At 31 December 2020 198,991 113,090 135,344 350,421 797,846 DEPRECIATION At 1 January 2020 128,924 99,871 122,675 282,052 633,522 Charge for the year 7,637 4,548 7,749 17,138 37,072 At 31 December 2020 136,561 104,419 130,424 299,190 670,594 CARRYING AMOUNT At 31 December 2020 62,430 8,671 4,920 51,231 127,252 At 31 December 2019 70,067 12,340 10,040 68,369 160,816 19. INVESTMENTS Cash or cash Other equivalents investments Total £ £ £ COST OR VALUATION At 1 January 2020 6,432 230,479 236,911 Additions 27,318 18,007 45,325 Disposals (20,081) (27,318) (47,399) Fair value movements – 5,018 5,018 At 31 December 2020 13,669 226,186 239,855 IMPAIRMENT – At 1 January 2020 and 31 December 2020 – CARRYING AMOUNT At 31 December 2020 13,669 226,186 239,855 At 31 December 2019 6,432 230,479 236,911

All investments shown above are held at valuation.

Listed investments

The aggregate market value of listed investments is £226,186 (2019: £230,479).

18

20. STOCKS 2020 2019 £ £ Stock 30,265 33,916 21. DEBTORS 2020 2019 £ £ Trade debtors 466,494 148,057 Prepayments and accrued income 3,000 480 Other debtors 57,645 567,663 527,139 716,200 22. CREDITORS: Amounts falling due within one year 2020 2019 £ £ Trade creditors 31,008 58,750 Accruals and deferred income 324,254 345,694 Social security and other taxes 34,304 25,756 Other creditors 18,190 – 407,756 430,200 23. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2020 2019 £ £ Bank loans and overdrafts 250,000 –

24. PENSIONS AND OTHER POST-RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £80,287 (2019: £65,158).

25. ANALYSIS OF CHARITABLE FUNDS

Unrestricted Fund
Restricted Fund
Unrestricted Fund
Restricted Fund		 At 1 Jan Gains and At 31 Dec
2020 Income Expenditure losses 2020
£ £ £ £ £
1,349,364 2,080,178 (2,066,595) 5,018 1,367,965
9,659 – – – 9,659
At 1 Jan Gains and At 31 Dec
2019 Income Expenditure losses 2019
£ £ £ £ £
1,267,429 2,467,070 (2,425,595) 40,460 1,349,364
9,659 – – – 9,659

In 2003 the Charity received a donation of £20,000 with the requirement that this be used only for the furtherance of the Charity’s Library. This is held in a restricted fund. All other funds are unrestricted.

19

26. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Funds Funds Funds 2020 £ £ £ Intangible assets 145,558 – 145,558 Tangible fixed assets 117,593 9,659 127,252 Investments 239,855 – 239,855 Current assets 1,522,715 – 1,522,715 Creditors less than 1 year (407,756) – (407,756) Creditors greater than 1 year (250,000) – (250,000) Net Assets 1,367,965 9,659 1,377,624 Unrestricted Restricted Total Funds Funds Funds 2019 £ £ £ Intangible assets 130,662 – 130,662 Tangible fixed assets 151,157 9,659 160,816 Investments 236,911 – 236,911 Current assets 1,270,591 – 1,270,59 Creditors less than 1 year (430,200) – (430,200) Creditors greater than 1 year – – – Net Assets 1,349,364 9,659 1,359,023 27. ANALYSIS OF CHANGES IN NET DEBT At 1 Jan At 31 Dec 2020 Cash flows 2020 £ £ £ Cash at bank and in hand 510,718 454,593 965,311 Debt due after one year – (250,000) (250,000) 510,718 204,593 715,311

28. OPERATING LEASE COMMITMENTS

The total future minimum lease payments under non-cancellable operating leases are as follows:

2020 2019 £ £ Not later than 1 year 292,587 292,587 Later than 1 year and not later than 5 years 1,170,347 1,170,347 Later than 5 years 4,388,800 4,388,800 5,851,734 5,851,734

29. RELATED PARTIES

The Association of British Dispensing Opticians is a member of The ABDO College of Education. Up to six Trustees of ABDO College are appointed by The Association of British Dispensing Opticians. Three trustees of the ABDO College of Education are directors of The Association of British Dispensing Opticians.

The Association of British Dispensing Opticians charged The ABDO College of Education £330,000 (2019: £370,000) in respect of administrative wages and general expenses.

At the year end The ABDO College of Education was owed £22,694 (2019: £42,426) by The Association of British Dispensing Opticians.

20

MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS

The trustees Ms K Devlin FBDO (Hons) CL

Mr J Hardman FBDO R

Ms A McNamee BSc(Hons) MCOptom FBDO (Hons) FBCLA Cert Ed Mrs G M Dynan FBDO Mr I A Wills BSc MCOptom Mrs J T Holmes FBDO

Mr D V E Newsome FBDO R CL SMC(Tech)

Mr C Marchant FBDO

Ms S Begum FBDO

Company Secretary Sir Anthony Garrett CBE

Auditor

Burgess Hodgson LLP Chartered accountants & statutory auditor Camburgh House, 27 New Dover Road, Canterbury, Kent CT1 3DN

Bankers Barclays Bank plc Level 27, 1 Churchill Place, London E14 5HP

Investech Wealth & Investment 2 Gresham Street, London EC2V 7QP

Solicitors Hempsons 40 Villiers Street, London WC2N 6NJ

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name: The ABDO College of Education Charity registration number: 1087337 Company registration number: 04086997 Principal office and registered office: Godmersham Park Mansion, Godmersham, Kent CT4 7DT

ABDO College Godmersham Park Godmersham Canterbury Kent CT4 7DT tel: 01227 738 829 option 1 fax: 01227 733 900 info@abdocollege.org.uk www.abdocollege.org.uk